Strategy repositions its holdings: selling BTC to buy back STRC and increasing reserves.
Between August 3 and 9, Strategy made an unusual move for itself, selling 1,690 BTC. All proceeds from this transaction were directed toward buying back its own preferred shares, STRC. This decision highlights a new approach to capital management, where liquidity in bitcoin becomes a tool for fine-tuning the shareholder equity structure, rather than just a means of long-term accumulation.
According to my analysis of the filing submitted to the SEC, revenue from the coin sale amounted to $108.6 million, corresponding to an average price of $64,262 per BTC. It is important to note that this sale price is significantly below current market levels, which may indicate a deliberate choice by the company in favor of quick liquidity rather than maximizing profit from the deal. In parallel, Strategy conducted a placement of 6.59 million common shares of MSTR, raising $653.1 million. Of this amount, $650 million was directed toward increasing the dollar reserve, which has now reached an impressive $4.65 billion.
As of August 9, the company holds 840,447 BTC, acquired for $63.36 billion. This means that the average cost of one bitcoin in Strategy's portfolio is approximately $75,400, which is higher than the recent sale price. A paradoxical situation emerges: the company is recording a loss on the margin, but at the same time it is strengthening its financial cushion and reducing its debt burden through the STRC buyback.
My professional assessment: this move is not a sign of weakness, but a strategic regrouping. By holding more than 840,000 BTC, Strategy remains the largest corporate holder of the first cryptocurrency. Selling a small portion (less than 0.2% of the portfolio) to optimize capital looks rational, especially amid market volatility. The $4.65 billion reserve gives the company significant flexibility for future purchases in the event of a correction. In the long term, this could prove more advantageous than passive holding, as it allows drawdowns to be used to build up a position at more attractive prices.